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Questcor Pharmaceuticals(QCOR) is a biopharmaceutical company. Questcor's primary product is H.P. Acthar Gel (repository corticotropin injection) (Acthar), an injectable drug that is approved by the United States Food and Drug Administration, for the treatment of 19 indications. This stock is trading up 3.3% at $47.95 in recent trading.
Today's Volume: 1.6 million
Average Volume: 1.75 million
Volume % Change: 68%
Shares of QCOR are ripping higher today after the stock was upgraded by two different firms. Jefferies raised its target to $56 from $52 and reiterated its buy rating, while Oppenheimer upped its target to $59 from $53 and reiterated an outperform rating.
>>Stocks With Recent Analyst Upgrades
From a technical perspective, QCOR is moving notably higher here with decent volume. This move now has QCOR flirting with a major breakout trade, since the stock has briefly moved above some near-term
overhead resistance at $48.98. At last check, QCOR has hit an intraday high of $49.13 and volume is very close to passing its three-month average action of 1.75 million shares.
Traders should now look for long-biased trades as long as QCOR is trending above $48.98 to $49.13 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.75 million shares as bullish. If we get that action, then look for QCOR to tag $55 in the near future.
Also, keep in mind that a move above $49.13 will now mark an all-time high for QCOR, which is very bullish technical price action.
Questcor shows up on a recent list of
Hot Biotech Stocks Traded by Hedge Funds.